(AFP) – Apr 17, 2012
MADRID — Spain's battered economy tipped into recession in the first quarter of 2012, Bank of Spain governor Miguel Fernandez Ordonez said Tuesday.
A sovereign debt crisis in mid-2011 interrupted a year-long recovery and led to a contraction of 0.3 percent in the final quarter of last year, the central bank chief said in a speech.
"This profile has continued in the first months of this year, so that the Spanish economy finds itself, again, in recession," he said.
Spain's economy only emerged at the start of 2010 from a two-year recession provoked by the global financial crisis and a property bubble implosion that destroyed millions of jobs and left behind huge debts.
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